TriCo Bancshares (NASDAQ:TCBK) Posts Earnings Results, Beats Estimates By $0.09 EPS

TriCo Bancshares (NASDAQ:TCBK) announced its quarterly earnings data on Thursday. The financial services provider reported $1.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.09, Zacks reports. The firm had revenue of $116.71 million during the quarter, compared to analysts’ expectations of $114.63 million. TriCo Bancshares had a net margin of 25.10% and a return on equity of 10.47%.

TriCo Bancshares Stock Performance

Shares of NASDAQ TCBK opened at $52.72 on Friday. The company has a market cap of $1.69 billion, a P/E ratio of 12.23 and a beta of 0.66. TriCo Bancshares has a 52-week low of $43.05 and a 52-week high of $61.71. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.87 and a current ratio of 0.87. The firm’s fifty day moving average is $53.16 and its two-hundred day moving average is $53.12.

TriCo Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 27th. Shareholders of record on Monday, November 16th will be issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Monday, November 16th. TriCo Bancshares’s payout ratio is currently 33.41%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on TCBK shares. Weiss Ratings reiterated a “buy (b)” rating on shares of TriCo Bancshares in a research note on Friday, October 2nd. Stephens upgraded TriCo Bancshares from an “equal weight” rating to an “overweight” rating in a research report on Thursday, August 6th. Piper Sandler dropped their price objective on TriCo Bancshares from $63.00 to $56.50 and set a “neutral” rating for the company in a research note on Thursday, October 1st. DA Davidson dropped their price objective on TriCo Bancshares from $66.00 to $65.00 and set a “neutral” rating for the company in a research note on Monday, July 27th. Finally, Raymond James Financial cut TriCo Bancshares from an “outperform” rating to a “market perform” rating in a research report on Tuesday, July 14th. Two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $57.62.

More TriCo Bancshares News

Here are the key news stories impacting TriCo Bancshares this week:

• Positive Sentiment: Q3 earnings and revenue exceeded expectations. TriCo reported diluted EPS of $1.18, up from $1.04 a year earlier and above the $1.08–$1.09 analyst estimates. Revenue reached $116.7 million versus expectations of approximately $114.6 million. TriCo Tops Q3 Earnings and Revenue Estimates
• Positive Sentiment: Core banking trends improved. Third-quarter net income rose 11.1% sequentially to $38.0 million, while net interest income increased to $96.5 million from $93.6 million. Loans grew by $99.1 million and deposits increased by $74.6 million; net interest margin also improved to 4.16% from 4.11%. TriCo Bancshares Posts Third-Quarter Net Income
• Positive Sentiment: TriCo declared a quarterly dividend of $0.36 per share. The payment is scheduled for November 27 for shareholders of record on November 16, representing a $1.44 annualized dividend and an indicated yield of approximately 2.6%. TriCo Declares Quarterly Cash Dividend
• Neutral Sentiment: The positive earnings surprise has not translated into upward trading, indicating investors may be taking profits or focusing on forward guidance and the costs associated with TriCo’s announced First Hawaiian-related transaction.
• Negative Sentiment: Merger and acquisition expenses totaled $3.9 million during the quarter, creating a near-term drag on noninterest expenses and potentially increasing uncertainty around integration costs.

TriCo Bancshares Company Profile

TriCo Bancshares (NASDAQ: TCBK) is a bank holding company headquartered in Chico, California. Through its principal subsidiary, Tri Counties Bank, the company provides community banking services to individuals, businesses, nonprofit organizations and public entities.

Tri Counties Bank offers deposit accounts, residential and commercial real estate loans, consumer lending, business financing, treasury and cash-management services, online and mobile banking, and other financial services.